Oil production in Saudi Arabia, the world's largest exporter of crude, rose to 9.657 million barrels a day in May, compared with 9.31 million barrels a day a month earlier, while exports edged 4.6% higher during the same period, official data showed Wednesday.
Oil production in
Saudi
Arabia
, the world's largest exporter
of crude, rose to 9.657 million barrels a day in May, compared with 9.31
million barrels a day a month earlier, while exports edged 4.6% higher during
the same period, official data showed Wednesday.
The kingdom exported 7.789 million barrels a day of crude oil and condensate in
May, up from 7.444 million barrels a day in April, according to figures posted
on the Joint Organization Data Initiative, or JODI, website.
JODI is supervised by the Riyadh-based International Energy Forum and shows
data supplied directly by governments dating back to 2002.
Saudi Arabia
used
547,000 barrels a day in power stations and water-desalination plants in May,
down from the 559,000 barrels a day during the corresponding period in 2012 but
up from the 378,000 barrels a day consumed a month earlier.
The kingdom's largest unlisted lender, National Commercial Bank, said in a note
that the state's average crude production may fall by 400,000 barrels a day in
2013 as it curbs supply to meet OPEC's output target. It's expected to produce
around 9.5 million barrels a day on average this year, compared with 9.92
million barrels a day in 2012, the Jeddah-based bank said.
In May OPEC kept its oil production ceiling at 30 million barrels a day in a
widely expected move that members described as an easy decision. But concerns
about the growing threat from shale oil overshadowed the group's otherwise
smooth meeting.
U.S.
oil
production has risen to a 21-year high on the back of oil unearthed from shale
rock formations beneath the plains of
Texas
and
North
Dakota
.
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